The market for social media and collaboration services for enterprises — made popular by the recent, rapid growth and emergence of platforms like Slack, Facebook’s Workplace and Microsoft Teams — continues its hot streak. Today, Igloo Software, a Canada-based startup that has built a Jive-like platform that integrates other software for employees to communicate with each other, access common documents and more, announced that it has raised $47 million, on the back of significant growth of its business, and a few acquisition offers to boot.
The company is active in 80 countries, has around 1,000 paying customers and some 10,000 organizations using a free version of its platform. It works out to “well over” 1 million users on Igloo, said Dan Latendre, the founder and CEO of Igloo, in an interview. The company added 190 paying customers in the last year, representing a growth rate of 79 percent.
The new funding — which comes from Frontier Capital — brings the total raised by Igloo to $56 million after the startup had only raised a modest $9 million in the nine years previously, from investors that included the former CEO of BlackBerry, Jim Balsillie.
Igloo is not disclosing its valuation with this round, but I understand it to be well north of $100 million, and that the company’s goal is to reach a $500 million valuation in the next year or two now that it’s putting its foot on the gas pedal.
Latendre said that the plan with the funding will be to expand the product into new areas of business beyond HR, marketing and IT — the three segments of a business that tend to use Igloo’s…